Car insurance premiums increase by 20%

According to Circular 22 of the Ministry of Finance, from today (April 1), 13 car models will have their insurance premiums increased by 20%.

Specifically, Circular 22 stipulates that the compulsory civil liability insurance premium for motor vehicle owners will increase from 10% to 20% for 13 vehicle lines with high accident and risk rates.

These 13 vehicle lines include: vehicles with less than 6 seats, 16 seats, 24 seats and over 25 seats, trucks from 8 to 15 tons, over 15 tons and some other types of vehicles such as taxis, special-purpose vehicles, tractor-trailers, and special-purpose motorbikes.

Accordingly, the insurance premium for non-commercial vehicles with less than 6 seats increased to VND437,000/year, an increase of VND40,000/year compared to before. Commercial vehicles with 16 seats increased to VND3,054 million/year, an increase of VND509,000/year; commercial vehicles with 24 seats increased to VND4,632 million/year, an increase of VND772,000/year.

In addition, Circular 22 also introduces a series of insurance policies that are more beneficial to users. Specifically, the maximum amount that an insurance company must pay in case of personal injury caused by a motor vehicle is increased to VND 100 million/person/accident (previously VND 70 million/person/accident). Within 5 days (from the date of the accident), the vehicle owner must send a written notice and documents specified in the claim file to the insurance company. Insurance companies must pay compensation to the vehicle owner within 15 days from the date of receipt of the file or within 30 days if the file must be verified.

Circular 22 consists of 3 Chapters and 21 Articles, providing unified regulations on insurance premium payment deadlines for all vehicle owners.

According to Motthegioi